November 28, 2013

Typhoon Yolanda Affects GDP Forecast

The impact of typhoon Yolanda in the economy is expected to manifest on fourth quarter of 2013.

The previous forecast of Philippine Economist relative to fourth quarter Gross Domestic Product (GDP) growth is 7.3%. As a result of the devastation of the super typhoon Yolanda, fourth quarter GDP growth is projected to slightly decline to 7.2%.

The impact of the typhoon, that brought about huge lost of productivity, will be counter balance by increased in consumption. Specifically, relief efforts and donations coming from abroad will have a significant impact in the counter balancing.

A positive outlook is seen to take effect in first quarter of 2014 as rehabilitation continues in typhoon hit areas. Construction market is seen to benefit from rehabilitation efforts as well.

Official death toll reached 5500 and is projected to increased. 1.1 million number of houses were destroyed and value of infrastructure loss amounted to 24.5 billion Pesos (561.1 milllion USD).

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